Home Affordability Shows Some Improvement

Good news for buyers: It’s getting easier to afford to buy a home.

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The median price of a single-family home inched lower in August, the latest data available, while median family income edged slightly higher, according to the National Association of REALTORS®’ Housing Affordability Index. That, combined with still-low mortgage rates, prompted NAR’s affordability index to rise to its highest level since May. (The higher the number, the better indication of affordability.) NAR’s Housing Affordability Index was 157.7 in August, up from 154.5 in July. However, the index is down from one year ago, when it was 160.2.

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